IoD Tasks Corporate Organisations to Rejig Governance Model for Global Competitiveness
The Institute of Directors (IoD) has charged corporate organisations in the country to rejig their corporate governance models to remain competitive at the global scene.
The president and Chairman of the Governing Council, IoD, Mrs. Ije Jidenma, at its member evening in Lagos said the current corporate governance models of today’s organisations will not fit for organisations of the future except they adapt to new reality which is vital to change the way they work, behave and create value to stay relevant in the future
According to her, the world is changing at a dramatically high pace, where the development of advanced technologies and scalability of these new technologies like artificial intelligence, the blockchain, bots, quantum computers, is exponential.
She said the IoD Members’ evening is an important networking event aimed at promoting interactions and engagement opportunities amongst existing members and non-members alike, through knowledge sharing sessions and discourse on relevant issues of economic importance, and nation-building from the perspectives of the public and private sector.
“This event offers members the opportunity to engage and build strong networks with each other. It also provides the opportunity for our members to air their views and exchange ideas with other members of the Institute on developments in the socio-economic and business environment. I believe everyone will leave this event with one or two valuable lessons to take home,” he said.
She added the theme of the event tagged “Agile Leadership and Governance in Unprecedented Times: What Future for Company Directors” underscores the need to improve Directors’ response to organisational issues and threats in these uncertain times, while reinforcing the need for agile, swift and vibrant leadership.
“You will agree with me that this new decade brought with it challenges that directors of businesses globally never fathomed. Since the last quarter of 2019, the world has grappled with the effect of a devastating virus that changed the world in all its ramifications. The reverberating effect of covid 19 is still very much with us. It particularly threw the business world into new realities, which exerted great and deep thinking for survival,” she averred.
The Executive Vice-Chair of Emerging Africa Group, Mrs. Toyin F. Sanni, who was the guest speaker at the event in her keynote address tagged, “Agile Leadership and Governance in Unprecedented Timex What Future for Company Directors?” said, Boards need to shift their behavior, understanding that board reputation, not just company reputation, could move into the spotlight, stressing that withhout a good understanding of corporate governance, a board has to expend significantly more time and energy in educating and redirecting directors from operational concerns back to a strategic focus at the expense of quality board discussions and decision-making.